Why you Should Launch your Tech Startup Now
As long as the world exists, there are limitless opportunities. Even in the middle of economic turmoil, businesses thrive because they are solving a peculiar problem.
Entrepreneurs are constantly looking for ways to survive, even in the worst situations. If you think you cannot float a startup this period, you should reconsider your decision.
Can tech startups thrive in this period where everyone is trying to survive?
You'll get an answer by the time you're done reading. You can float a tech startup during this pandemic because it can solve a need during difficult economic times.
Here are some of the reasons to launch your tech startup during this pandemic:
- Advantages of digital age
One of the drawbacks of embracing digitalization was the perception of the risk surrounding it. Before the pandemic, people preferred to physically visit the banks for their transactions, or walk into a shop to purchase items but things are no longer the same.
A lot of these negative perceptions are gradually fading away since the first quarter of the year. More persons are now exposed to the endless possibilities, convenience, security, and other benefits the digital world offers. Now that everyone knows the benefit of technology, they want more of it.
This is an opportunity for tech startups to move to the next level. Even if you have intentions of starting or already have one, it’s time to step into new possibilities. For every old activity, there are viable alternatives available.
- The appetite for digital products is on the increase.
Check out the number of people working from home today and compare the figures to what we had two or three years ago. Millions of people now work remotely, which means that there is an opportunity for tech startups to create and recreate the working space.
These workers need applications, productivity tools, and digital materials to make their jobs easier.
With this great shift, startups can look for new communication and collaboration channels. Companies are also willing to invest in more modern technologies this period than never before because they know that increases productivity and reduces cost.
Children have now resorted to home learning and require several online tools to accelerate their study experience. Most adults work from home, and they need more from the technology on the ground. Organizations are not slacking either because they understand the times we are currently in. If there is a better time to innovate, it is now.
- Talent is everywhere
In 2020, it is rare to see someone with no technological knowledge – I should say it is almost impossible. From the person with basic computer knowledge to the computer wizard, there are loads of talents out there you'll find useful to float your startup. Take advantage of the fact that more people are out of work and would gladly subscribe to working remotely.
The number of talents is much more than we have seen in decades thanks to technological exposure. Now that there is a pool of talent available, it is the best time to harness these gifts and use it in your favor. Your ideas can come to fruition during this period since everyone is adjusting to their reality while looking to make ends meet.
Get your ideas out there as soon as you can and gradually start building a team of committed team members hungry for development and not for the financial benefits alone. Startups need people who believe in their goals and are willing to actualize it instead of working on getting paid. When you have gathered the best team for the job, you can kick-off.
- Investors are "open for business."
Concerning funding generally, it has slowed down. However, investors would likely give startups with "recession-proof" the attention they desire. By this, I mean businesses that are not impacted by an economic downturn, budget cuts, or spending shifts. Just because the economy is unstable doesn't mean tech startups wouldn't get funds.
Investors are smart and would put their money in a venture that has the likelihood to succeed. Many of them look for forward-thinking entrepreneurs with problem-solving skills who can swim in the ocean of an economic downturn and come out victorious.
You can access loans, grants, equity, and other options for your company to move to the next level.
We can apply technology to all facets of human life, whether it is food, transportation, or learning. It allows you to reach more people within a short period, which means more money for investors. Who wouldn't want to put in cash in a lucrative idea?
- It is best to operate without a safety net.
Have you thought of why people shy away from starting a new business during an economic downturn? Well, the answer is simple. They are scared that it would fail, and they'll lose money. If you're investing in a time like this, shouldn't it be something you should be scared of?
It would be okay to be scared, but it plays out in your favor, and I'll tell you how. As an entrepreneur, it is not advisable to take the easier road to success – that's if it exists. The more challenges you face head-on, the higher the chances of success. Taking away the safety net is not meant to paralyze you but motivate you to put in more smart work.
Nobody wakes up in the morning, praying that the economy gets bad or that a pandemic strikes the world, but it happens. These happenings are only a wakeup call for the entrepreneur so that they're strong enough to build a business that stands the test of time.
Conclusion
Many successful startups today were built during economic turmoil. They came in to solve an important need, and in doing so, they were making millions of dollars before the world realized. Companies like Uber and Spotify readily come to mind when the discourse of startups that thrived in an economic downturn comes up.
The popularity of these companies blew up when the economy was in a shutdown. As an entrepreneur looking to float a tech startup, take things to the next level by seizing the opportunity and bringing fresh air to our new normal.